Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2004 > News item |
Mexico's Azteca Holdings calls $69 million of 12½% notes due 2005
By Reshmi Basu
New York, Nov. 22 - Azteca Holdings SA de CV said it will prepay $69 million of its $129 million 12½% senior secured notes due June 15, 2005 on Dec. 22.
Those notes are callable at par.
Azteca Holding is the controlling shareholder of TV Azteca, one of the largest producers of Spanish-language television programming.
As part of its cash disbursements plan, TV Azteca will pay Azteca Holdings $73 million of its upcoming $130 million distribution to shareholders.
Azteca Holding will use the proceeds to reduce debt as well as to make interest payments.
The $69 million prepayment will save Azteca Holdings $4 million in interest expense, according to a news release.
Along with this new prepayment, the company's total debt will be reduced to $166 million from $279 million.
TV Azteca will disburse another $80 million during 2005.
Azteca Holdings, based in Mexico City, expects to use its corresponding portion to pay down its debt.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.